Bitcoin’s price on a fresh Sunday stands at $66,130, slipping below $66,000 in the past 24 hours. The recent Federal Reserve meeting left investors feeling uneasy. Struggling to come to terms with the Fed members’ revised interest rate forecasts, investors are cautious about making any new investments.
The BTC price dropped to $65,857 before bouncing back to $66,000 shortly after. Speculations arose that Fed members might further revise their interest rate predictions, potentially triggering a sell-off. Despite a decrease in inflation, investors were disappointed by the members’ decision to stick with their upward 3-year interest rate forecasts.
Fed Chair Powell mentioned that after the latest inflation figures, members had the opportunity to adjust their predictions, but they chose not to. This suggests that there may be more days ahead where inflation levels out, similar to what occurred in the first quarter of the year.
If Bitcoin fails to hold at $66,250, the price could plummet to $64,650 and further down to $63,370, possibly reaching lows of $60,200 or even lower.
Cryptocurrency market volumes decreased on Saturday and continued to weaken on Sunday, with total volume dropping to $44 billion in the last 24 hours, a 40% decrease from the previous day. The Bitcoin Dominance Index (BTCD) is now at 54%, with the total market capitalization of cryptocurrencies standing at $2.41 trillion. BNB Coin, previously warned about at $700, suffered the biggest blow, losing 11% of its value.
Several other cryptocurrencies in the top 100 also experienced significant losses, with W, FLOKI, ORDI, and AR Coin dropping by nearly 30%. Fear-driven sales for FLOKI Coin were expected to accelerate, as mentioned earlier.
AGIX, STRK, and WLD saw around a 20% decline, while UNI, TON, ROSE, and NOT Coins recorded double-digit gains. Apart from these few exceptions, there were no significant weekly increases among the top 100 cryptocurrencies. Investors are now looking out for a potential market turnaround, hoping for increased interest from ETF channel investors starting Monday.
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